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Coronavirus impact: 3M India rallies 20% as demand for masks, sanitizers spike

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Shares of 3M India extended their rally to the third straight session on Thursday after reports that the sale of face masks, sanitizer, and gloves have soared in the country amid the coronavirus fears. The scrip jumped nearly 21 per cent to an intraday high of Rs 24,348 on March 5 against Rs 20,137.30 on March 2. 3M India, a subsidiary of 3M Corporation, manufactures over 8,000 products including personal healthcare and safety products such as face masks and sanitizers. According to reports, face masks and hand sanitizers have vanished from chemist shops in many areas of the national capital and adjoining towns as people resorted to panic buying amid the coronavirus outbreak. Some chemist shops that have stocks of masks available with them have jacked up prices, selling items that were available earlier for Rs 150 at Rs 300, stated a report. “There was steady demand of hand sanitizers and masks in the past two months since the outbreak of coronavirus but ever since a case was reported in Delhi, there has been a sudden spike in demand,” a salesperson who asked not to be identified told PTI. The number of coronavirus cases in India increased to 29, including 16 Italians touring through Rajasthan, the government said on Wednesday, adding all international passengers will now be screened at airports, amid growing concern over the spread of the respiratory infection.




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